(a) The Consolidated Public Retirement Board shall, within one
hundred eighty days of the effective date of the transfer of an
emergency medical services officer from the Public Employees
Retirement System to the plan, transfer assets from the Public
Employees Retirement System Trust Fund into the West Virginia
Emergency Medical Services Trust Fund.

(b) Except as provided in subsection (e) of this section, the
amount of assets to be transferred for each transferring emergency
medical services officer shall be computed as of January 1, 2008,
using July 1, 2007, actuarial valuation of the Public Employees
Retirement System, and updated with seven and one-half percent
annual interest to the date of the actual asset transfer. The
market value of the assets of the transferring emergency medical
services officer in the Public Employees Retirement System shall be
determined as of the end of the month preceding the actual
transfer. To determine the computation of the asset share to be
transferred the board shall:

(1) Compute the market value of the Public Employees
Retirement System assets as of July 1, 2007, actuarial valuation
date under the actuarial valuation approved by the board;

(2) Compute the actuarial accrued liabilities for all Public
Employees Retirement System retirees, beneficiaries, disabled
retirees and terminated inactive members as of July 1, 2007,
actuarial valuation date;

(3) Compute the market value of active member assets in the
Public Employees Retirement System as of July 1, 2007, by reducing the assets value under subdivision (1) of this subsection by the
inactive liabilities under subdivision (2) of this subsection;

(4) Compute the actuarial accrued liability for all active
Public Employees Retirement System members as of July 1, 2007,
actuarial valuation date approved by the board;

(5) Compute the funded percentage of the active members'
actuarial accrued liabilities under the Public Employees Retirement
System as of July 1, 2007, by dividing the active members' market
value of assets under subdivision (3) of this subsection by the
active members' actuarial accrued liabilities under subdivision (4)
of this subsection;

(6) Compute the actuarial accrued liabilities under the Public
Employees Retirement System as of July 1, 2007, for active
emergency medical services officers transferring to the Emergency
Medical Services Retirement System;

(7) Determine the assets to be transferred from the Public
Employees Retirement System to the Emergency Medical Services
Retirement System by multiplying the active members' funded
percentage determined under subdivision (5) of this subsection by
the transferring active members' actuarial accrued liabilities
under the Public Employees Retirement System under subdivision (6)
of this subsection and adjusting the asset transfer amount by
interest at seven and five-tenths percent for the period from the
calculation date of July 1, 2007, through the first day of the
month in which the asset transfer is to be completed.

(c) Once an emergency medical services officer has elected to
transfer from the Public Employees Retirement System, transfer of that amount as calculated in accordance with the provisions of
subsection (b) of this section, or subsection (e) if applicable,
by the Public Employees Retirement System shall operate as a
complete bar to any further liability to the Public Employees
Retirement System and constitutes an agreement whereby the
transferring emergency medical services officer forever indemnifies
and holds harmless the Public Employees Retirement System from
providing him or her any form of retirement benefit whatsoever
until that emergency medical services officer obtains other
employment which would make him or her eligible to reenter the
Public Employees Retirement System with no credit whatsoever for
the amounts transferred to the Emergency Medical Services
Retirement System.

(d) Eligible emergency medical services officers that transfer
from plans other than the Public Employees Retirement System shall
have service recognized under this plan through the purchase of the
service through payment by the member of sixty percent of the
actuarial accrued liabilities which would result if the service is
credited under the Emergency Medical Services Retirement System
subject to the following:

(1) The service may be purchased in one-year increments of
eligible service or for the total period of eligible service;

(2) Payment must begin within twelve months of the effective
date of this article;

(3) Payment must be made in either a one-time lump sum payment
received by the board no later than December 31, 2008, or in
regular installment payments payable over sixty months with the initial installment received by the board on or before December 31,
2008;

(4) The rate of interest applicable to regular installment
payments for the purchase of service shall be the actuarial
interest rate assumption as approved by the board for completing
the actuarial valuation for the plan year immediately preceding the
first day of the plan year in which the service purchase is made,
compounded per annum;

(5) Once payments commence, selection of the period of service
being purchased may not be amended; and

(6) Service will be credited only upon receipt by the board of
all payments due.

(e) Notwithstanding any provision of this code to the
contrary, any Emergency Medical Services director who: (1) Is an
active member of the Public Employees Retirement System; and
(2)has, or obtains within one year of the effective date of the
amendments to this section enacted during the 2012 regular session
of the Legislature, basic or higher emergency management technician
certification, is eligible to transfer service credit from the
Public Employees Retirement System to the Emergency Medical
Services Retirement System, upon payment of associated costs by the
transferring director. The board shall compute the actuarially
appropriate amount of any increased benefit cost of transfer to be
borne by the transferring director to be paid according to terms
established by the board. Any Emergency Medical Services director
who transfers to the Emergency Medical Services Retirement System
pursuant to the provisions of this subsection shall apply for the transfer to the board within one year of the effective date of the
amendments to this section enacted during the 2012 regular session
of the Legislature. Upon receipt of the total payment of all
associated costs by the transferring director, the board shall
compute the amount of assets to be transferred from the Public
Employees Retirement System to the Emergency Medical Retirement
System and shall transfer the assets within six months of the
receipt of the application. Any director transferring into the
retirement system as provided in this subsection is prohibited from
retiring within three years of transfer.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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